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    Aug 13, 2009

    NEW DIRECT TAX RATES NEW CODE

    INCOME TAX RATES IN NEW TAX CODE
    49

    By FREEWORKING

    NEW RATES IN DIRECT TAX CODE

    Ministry of Finance, has released a new DIRECT TAX CODE which will be applicaple in F.Y. 2011-12 and will replace the old act.The features of New direct tax code are:-

    1-Tax rates will be uniform.

    2-Saving limit will be 3 lakhs.

    3-Most of the exemption will be abolished, and with some exemption there is the need to mention in Income head instead of showing another head.

    4-STT(Security transaction tax) will be abolished.

    5-Business loan can be carried forward.

    6-Taxes rates are 10% upto 10 lakhs.

    7-Company tax rates are 25% instead of 30%

    8-Exemption limit will remain same 160000 for male,190000 for female and 240000 for senior citizen.


    The direct taxes would be in new tax codde

    FOR INDIVIDUAL man

    UPTO 160000 NIL

    160000 TO 1000000 10 %

    1000000 TO 2500000 84000+ 20%<1000000

    EXCESS 2500000 384000+30%<2500000

    THE EXEMPTED RATES FOR WOMAN (LESS THAN 65 YEARS)IS 190000 SO 190000----NIL

    190000 TO 1000000 10%

    1000000 TO 2500000 81000+20%<1000000

    EXCESS 2500000 381000+30%<2500000

    SENIOR CITIZEN:

    240000--NIL

    2400000 TO 1000000 10%

    1000000 TO 2500000 78000+20%<1000000

    EXCESS 2500000 376000+<2500000

    1 comment:

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